Tether will start mining cryptocurrencies in Uruguay
This week the company announced that it will have a division in the South American nation for cryptocurrency mining
In a May 30 announcement, Tether claimed it intends to establish a mining division in the South American nation “in collaboration with a licensed local company,” while also investing in Uruguay’s energy production. The stablecoin issuer emphasized that the company will use renewable energy sources for “sustainable” Bitcoin mining, with the goal of contributing to environmentally friendly practices.
Paolo Ardoino, Tether’s CTO, stated that “by harnessing the power of Bitcoin and Uruguay’s renewable energy capabilities, Tether leads the way in sustainable and responsible Bitcoin mining. Our unwavering commitment to renewable energy ensures that every Bitcoin we mine leaves a minimal ecological footprint, while maintaining the security and integrity of the Bitcoin network.”
Tether cited Uruguay’s ability to generate 94 % of its electricity from renewable sources such as wind, solar, and potentially hydroelectric, as well as the reliability of its electrical grid. Job postings on the Tether website at the time of the announcement also hinted at expansion plans in South Africa and Brazil.
The decision to venture into mining follows Tether’s earlier statement to allocate “up to 15 % of its earnings on a regular basis” to purchase BTC. The stablecoin issuer reported that it had approximately $1.5 billion worth of Bitcoin in Q1 2023, representing 2 % of its total reserves. Tether primarily held most of its reserves in cash, cash equivalents, and US Treasuries.
K. Tovar
Source: Cointelegraph
(Reference image source: Shubham Dhage, Unsplash)
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